Week 3 READING notes. (pg. 86-106)
Week 3 READING notes. (pg. 86-106) FIN - 26074 - 001
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This 3 page Class Notes was uploaded by Olivia Zemanek on Saturday September 19, 2015. The Class Notes belongs to FIN - 26074 - 001 at Kent State University taught by Timothy D Ludick (P) in Summer 2015. Since its upload, it has received 129 views. For similar materials see LEGAL ENVIRONMENT OF BUSINESS in Finance at Kent State University.
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Date Created: 09/19/15
FIN 26074001 THE LEGAL ENVIRONMENT OF BUSINESS READING PG 86106 The litigation process 0 A lawsuit will start with a complaint Standing to Sue when the plaintiff has to establish that they are entitled to have the court decide the dispute They must allege two things 0 1 That the litigation actually involves a case or controversy A court is not going to hear a matter that doesn t have anything to do with the law 0 2 Their personal stake in the resolution of the controversy pretty much why does it affect them 0 Personal Jurisdiction The court has to have the power to hear the case over the parties 0 When the plaintiff brings the complaint to the court the court then has personal jurisdiction over them The plaintiff indicated voluntary submission Jurisdiction is usually gained over a service of summons for the defendant or an arrest Extradition the process of requesting and transporting the prisoner from one state to another if the arrest is made out of the state where the crime had occurred Longarm statutes This allows the courts to obtain jurisdiction over defendant if the defendant is out of their boundaries 0 Classaction suits when one or more plaintiffs file suit on their own behalf of all other persons who may have a similar claim 0 O O 0 Very profitable for whatever lawyer brings in the case Avoids multiplicity of suits involving the same issue But the Supreme Court highly discourages these Quoted as the laws version of a nuclear weapon because of how damaging they can be Beier 98 The plaintiff who files can be very powerful with all the thousands of claims they get and can take out the defendant s entire business However if it fails the plaintiff gets nothing and loses the money that they invested in the litigation The Pretrial Procedure 0 Pleadings the legal documents filed to begin the litigation process which give notice of each party s contentions Lawsuit BEGINS with plaintiff ling a COMPLAINT Summons are then delivered to the defendant They are summoned to the court it is a notice that there is someone who filed a complaint against them Defendant answers They either admit or deny each allegation andor files a counterclaim against the plaintiff Process of discovery The purpose of this is to ensure that each side is aware of all facts and intentions of parties to ensure results are not based on the skills of the counsel and it acts as a dress rehearsal for the trial It s trial preparation so that they know what is coming Discovery is expensive but essential Two different methods of discovery I 1 Using interrogatories 0 Least expensive I Series of WRITTEN questions and answers from the parties I 2 Using depositions 0 Most expensive I All potential witnesses involved I Lawyer orally asks questions and gets oral responses 0 Motions are made When there are questions of law at issue parties are able to seek a decision before the trial These motions can be made at any time during the litigation process I Motion for judgement on pleadings A party asks the judge to make a decision based on only the complaint and answer I Motion for summary judgment A party asks the judge to make a decision based on pleadings and other evidence without a trialA Motion to dismiss Defendant can argue that the plaintiff failed to plead an essential element for a valid claim Motion for frivolous litigationrule Judges can terminate the Whole litigation process if they find that the suit is lacking merit Motion to compel discovery Motion in Limine Excluding evidence from the trial
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